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Pendragon in bid-approach rumours

The UK's largest dealer group, Pendragon, is the subject of City rumours that link it with a possible bid approach from another organisation.

Its share price dropped 0.75p to 30.25p yesterday despite the rumours, reports the Financial Times. However since the opening of the London Stock Exchange this morning it has been trading at 31p.

The rumours impacted adversely on Pendragon rival motor retail plcs. This morning Lookers' price dropped 4.72%, Inchcape's dipped 1.17%, HR Owen's dipped 1.02% and Caffyns remained flat.

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